Oklahoma oil regulators on April 14 agreed to meet on May 11 to hear from state energy producers urging officials to use their authority to limit crude output in times of economic hardship.
The Oklahoma Energy Producers Alliance, along with other small producers, last week formally asked the Oklahoma Corporation Commission, which regulates the state's oil and gas industry, to consider that low oil prices had made current production a waste of the state's resources.
U.S. crude futures were trading around $20.75 a barrel on April 14, off more than 60% from the start of the year as the coronavirus pandemic eroded demand. The price fell about 8% on April 14 despite a deal this week by major producers to curb global output.
Texas regulators on April 14 heard similar arguments from dozens of oil producers, pipeline companies and others. Shale producers Pioneer Natural Resources Co. and Parsley Energy Inc. proposed a 20% cut, drawing opposition from large oil companies including Exxon Mobil Corp. and Occidental Petroleum Corp.
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